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Prepare and post closing entries as of December 31, 2017.
April 16, 2022

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Prepare journal entries to record the November transactions
InstructionsFinal Project Instructions and TemplatesName: _______________________Final ProjectDue by Day 7 of Week 6This project is worth 20 pointsMAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.It is recommended that you complete the non-graded requirements for additional practiceAll of the templates you need for the project are located in this Workbook.The instructions and data for the problem is in your Textbook (the “Continuing Cookie Chronicle” at the end of the chapter).Use the arrow buttons (lower left corner of the window) to navigate through the tabs.Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final ProjectColumn1 Column2Requirements Sheet in WorkbookWeek OneChapter 1 and 2 “Continuing Cookie Chronicle” – Review the problem and make notes of your answers. Chapter 1 & 2 Notes (PRACTICE)Week TwoChapter 3, Part A, prepare journal entries to record the November transactions Journal Entries (PRACTICE)Chapter 3, Part B, post the journal entries to the general ledger accounts General Ledger (PRACTICE)Chapter 3, Part C, prepare a trial balance at November 30, 2017 Trial Balance (PRACTICE)Week ThreeChapter 4, Part A, Journalize the transactions Journal Entries (GRADED)Chapter 4, Part B, Post the December transactions to the general ledger accounts General Ledger (GRADED)Chapter 4, Part C, Prepare a trial balance at December 31, 2017 Trial Balance (GRADED)Chapter 4, Part D, Prepare and post adjusting journal entries for the month of December Adjusting Entries (GRADED)Chapter 4, Part E, Prepare an adjusted trial balance as of December 31, 2017 Adjusted Trial Balance (GRADED)Chapter 4, Part F, Prepare an income statement and a retained earnings statement for the 2-month period ending December 31, 2017, and a classified balance sheet as of December 31, 2017 Financial Statements (GRADED)Chapter 4, Part G, Prepare and post closing entries as of December 31, 2017 Closing Entries (GRADED)Chapter 4, Part H, Prepare a post-closing trial balance Post Closing TB (GRADED)Week SixChapter 13 – Part A, Prepare a horizontal and vertical analysis of the income statement for Cookie & Coffee Creations Inc. Horiz. & Vert. Analysis (GRADED)Chapter 13 – Part B, Calculate several financial ratios as indicated Financial Ratios (GRADED)Chapter 1 & 2 NotesMake any notes from Chapters 1 or 2 here.NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.Journal Entries (PRACTICE)REQUIREMENT #1:Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”).a) Prepare journal entries to record the November transactionsGeneral JournalDate Description(Account Name) Debit CreditGeneral Ledger (PRACTICE)This sheet will be used for Part B of Chapter 3.NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)b) Post the journal entries to the following general ledger accounts and compute the account balancesCash EquipmentAccounts Receivable WebsiteAccounts Payable SuppliesUnearned Service Revenue Prepaid InsuranceNotes Payable Common StockServcice Revenue Utilities ExpenseTrial Balance (PRACTICE)Part C (Chapter 3)c) Prepare a trial balance for November 30, 2014NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)Cookie Creations, Inc.Trial BalanceNovember 30, 2017Debit CreditTotal 3,910 3,910*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.Journal Entries (GRADED)REQUIREMENT #1:Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle.a) Prepare journal entries to record the December transactions.NOTE: This sheet WILL be graded when you submit your assignment.General JournalDate Description (Account Name) Debit CreditGeneral Ledger (GRADED)This sheet will be used for Part B of Chapter 3.REQUIREMENT #2:Post the journal entries to the following general ledger accounts and compute the account balances.NOTE: This sheet WILL be graded when you submit your assignment.Cash Dividends Unearned Service Revenue Retained EarningsAccounts Receivable Income Summary Supplies Expense Amortization ExpenseService Revenue SuppliesUtilities Expense Prepaid InsuranceSalaries & Wages Expense EquipmentAccumulated Depreciation Equipment WebsiteInsurance Expense Interest ExpenseAccounts Payable Depreciation ExpenseInterest Payable Notes PayableCommon Stock Salaries & Wages PayableTrial Balance (GRADED)Part C (Chapter 4)kbliss: kbliss: Use a consistent header/title style for these (e.g., “This sheet will be used for Part C in Chapter 4”).NOTE: This sheet WILL be graded when you submit your assignment. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.c) Prepare a trial balance for December 31, 2017Cookie Creations, Inc.Trial BalanceDecember 31, 2017Debit CreditTotal 0 0*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.Adjusting Entries (GRADED)Chapter 4, Part D: Prepare and post adjusting entries for December.NOTE: This part WILL be graded when you submit your assignment to the instructor. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.General JournalDate Description (Account Name) Debit CreditAdjusted TB (GRADED)Chapter 4, Part E: Prepare an adjusted trial balance.Note: This part WILL be graded when you submit your assignment to the instructor. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.Cookie Creations IncAdjusted Trial BalanceDecember 31, 20170 0*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.Financial Statements (GRADED)Chapter 4, Part F: Prepare financial statement.Note: This part WILL be graded when you submit your assignment to the instructor. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.You will only be preparing the income statement, statement of retained earning and the balance sheet.Cookie Creations, Inc. Cookie Creationskbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places. Cookie Creationskbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places.Income Statement Statement of Retained Earnings Balance SheetFor the Month Ending December 31, 2017 For the Month Ending December 31, 2017 December 31, 2017Revenues: Retained Earnings, December 1 Current AssetsAdd: Net IncomeSubtotalOperating Expenses: Less: DividendsRetained Earnings, December 31Total Current Assets 0Property, Plant & EquipmentIntangible AssetsTotal Operating Expenses 0 Total Assets 0Net Income $ – Liabilities & Stockholder’s EquityTotal Current Liabilities 0Long- Term LiabilitiesTotal Liabilities 0Stockholder’s EquityTotal Stockholder’s Equity 0Total Liabilities & Stockholder’s Equity $ –*Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double-check your calculations and entries.Closing Entries (GRADED)Chapter 4 – Part G: Prepare closing entries.Note: This part WILL be graded when you submit your assignment to the instructor. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries.General JournalDate Description (Account Name) Debit CreditPost Closing TB (GRADED)Chapter 4 – Part H: Prepare post-closing trial balance.Note: This part WILL be graded when you submit your assignment to the instructor. kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.Cookie Creations, Inc.Post-Closing Trial BalanceDecember 31, 2017Horiz. & Vert Analysis (GRADED)Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysisNote: This part WILL be graded when you submit your assignment to the instructorInstructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2019 as a base year (which is a continuation of the Continuing Cookie Chronicle)Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.COOKIE & COFFEE CREATIONS INC.Income StatementFor the Year Ended October 31Horizontal2020 2019 Difference AnalysisSales $485,625 $462,500Cost of goods sold 222,694 208,125Gross profit 262,931 254,375Operating expensesSalaries & wages expense 147,979 146,350Depreciation expense 17,600 9,100Other operating expenses 48,186 42,925Total operating expenses 213,765 198,375Income from operations 49,166 56,000Other expensesInterest expense 413 0Loss on sale of computerequipment 2,500 0Total other expenses 2,913 0Income before income tax 46,253 56,000Income tax expense 9,251 14,000Net income $37,002 $42,000Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2020 and 2019COOKIE & COFFEE CREATIONS INC.Income StatementFor the Year Ended October 31Vertical Vertical2020 Analysis 2019 AnalysisSales $485,625 $462,500Cost of goods sold 222,694 208,125Gross profit 262,931 254,375Operating expensesSalaries & wages expense 147,979 146,350Depreciation expense 17,600 9,100Other operating expenses 48,186 42,925Total operating expenses 213,765 198,375Income from operations 49,166 56,000Other expensesInterest expense 413 0Loss on sale of computerequipment 2,250 0Total other expenses 2,663 0Income before income tax 46,253 56,000Income tax expense 9,251 14,000Net income $37,002 $42,000Finantial Ratios (GRADED)Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below.Note: This part WILL be graded when you submit your assignment to the instructorNote: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.Instructions: Using the financial statements below, compute the following ratios for 2019 only: Current Ratio, Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder’s Equity. Enter your computations in the yellow boxes following the format in the example.COOKIE & COFFEE CREATIONS INC. EXAMPLE:Income Statement Name of Ratio = 1,234 = 1.00For the Year Ended October 31 Ratio 1,2342020 2019 Your Answers (2019):Sales $485,625 $462,500 Current = =Cost of goods sold 222,694 208,125 RatioGross profit 262,931 254,375Operating expenses Debt to = =Salaries & wages expense 147,979 146,350 Total AssetsDepreciation expense 17,600 9,100Other operating expenses 48,186 42,925 Gross Profit = =Total operating expenses 213,765 198,375 RateIncome from operations 49,166 56,000Other expenses Profit = =Interest expense 413 0 MarginLoss on sale of computerequipment 2,500 0 Return on = =Total other expenses 2,913 0 AssetsIncome before income tax 46,253 56,000Income tax expense 9,251 14,000Net income $37,002 $42,000 Return on common = =Stockholder’s EquityCOOKIE & COFFEE CREATIONS INC. NOTE: Dividends on preferred stock were $16,800 in 2019Balance SheetOctober 31, 2012Assets 2020 2019Cash $ 22,324 $ 5,550Accounts Receivable 3,250 2,710Inventory 7,897 7,450Prepaid Expenses 5,800 6,050Equipment 102,000 75,500Accumulated depreciation (25,200) (9,100)Total assets $ 116,071 $ 88,160Liabilities and Stockholders’ EquityAccounts Payable 9,251 7,200Income taxes payable 27,000 27,000Salaries payable 7,250 1,280Interest payable 188 0Note payable – current portion 4,000 0Note payable – long-term portion 6,000 0Preferred stock, no par, $6 cumulative – 3,000 and 2,800 shares issued, respectively 15,000 14,000Common stock, $1 par – 25,180 shares issued 25,180 25,180Additional paid-in capital – treasury stock 250 250Retained earnings 20,802 10,800Total liabilities and stockholders’ equity $ 116,071 $ 88,160Grading RubricFinal Project Grading Rubric – 20 points total (20% of overall course grade)Criteria Excellent Good Poor Very PoorParts: 90% to 100% 70% to 89% 50% to 69% Less than 50%Chapter 4 Part A & B – Journal Entries (4pts) Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.Chapter 4 Part C – Unadjusted Trial Balance. (1pt) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance.Chapter 4 Part D – Adjusting Journal Entries (2pts) Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.Chapter 4 Part E – Posted Adjusted Trial Balance. (2pts) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance.Chapter 4 Part F – Financial Statements (4pts) All three Financial Statements are prepared accurately and in an appropriate format. Two of three Financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. One of three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of three Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.Chapter 4 Part G – Closing Journal Entries (2pts) Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.Chapter 4 Part H- Posted and Post-closingTrial Balance. (1pt) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance.Chapter 13 Horizontal & Vertical Analysis (2pts) Horizontal and Vertical analysis is 90% to 100% correct Horizontal and Vertical analysis is 70% to 89% correct Horizontal and Vertical analysis is 50% to 69% correct Horizontal and Vertical analysis has less than 50% correct answers.Chapter 13 Financial Ratios (2pts) All ratios are properly calculated with none or only one ratio being incorrect. Most of the ratios are properly calcluated with only two or three ratios being incorrect. There are three or four errors in the calculation of financial ratios There are more than four errors in the calculation of the financial ratios.Journal Entries SolutionsSolutions for the Practice Exercise (From Chapter 3 of Continuing Cookie Chronicles)Solutionskbliss: kbliss: Why is Solutions written twice?a) Prepare journal entries to record the December transactions.General JournalDate Description (Account Name) Debit CreditNov. 8 No journal entry requiredNov 8. No journal entry requiredNov. 8 Cash 500Common Stock 500Nov. 11 Supplies 95Cash 95Nov. 14 Supplies 125Cash 125Nov. 15 Equipment 300Common Stock 300Nov. 16 Cash 2,000Notes Payable 2,000Nov. 17 Equipment 900Cash 900Nov. 18 No journal entry requiredNov. 25 Cash 60Unearned Service Revenue 60Nov. 29 Cash 100Service Revenue 100Nov. 30 Website 600Accounts Payable 600Nov. 30 Prepaid Insurance 1,200Cash 1,200Nov. 30 Accounts Receivable 300Servcie Revenue 300Nov. 30 Utilities Expense 50Accounts Payable 50Total 6,230 6,230General Ledger SolutionsThis sheet will be used for Part B of Chapter 3.Solutionskbliss: kbliss: Why is Solutions written here?Post the journal entries to the following general ledger accounts and compute the account balances.Cash EquipmentNov. 8 500 Nov. 11 95 Nov. 15 300Nov. 16 2,000 Nov. 14 125 Nov. 17 900Nov. 25 60 Nov. 17 900 Nov. 30 Bal 1,200Nov. 29 100 Nov. 30 1,200Nov. 30 Bal. 340Accounts Receivable WebsiteNov. 30 300 Nov. 30 600Nov. 30 Bal. 300 Nov. 30 Bal. 600Accounts Payable SuppliesNov. 30 600 Nov. 11 95Nov. 30 50 Nov. 11 125Nov. 30. Bal 650 Nov. 30 Bal 220Unearned Service Revenue Prepaid InsuranceNov. 25 60 Nov. 30 1,200Nov. 30. Bal. 60 Nov. 30 Bal. 1,200Notes Payable Common StockNov. 16 2,000 Nov. 8 500Nov. 30. Bal. 2,000 Nov. 15 300Nov. 30. Bal 800Service Revenue Utilities ExpenseNov. 29 100 Nov. 30 50Nov. 30 300 Nov. 30 Bal. 50Nov. 30 Bal. 400Trial Balance SolutionsPart C (Chapter 3)Solutionskbliss: kbliss: Why is Solutions written here? There is no context.Prepare a trial balance for November 30, 2014.Cookie Creations, Inc.Trial BalanceNovember 30, 2014Debit CreditCash $ 340Accounts Receivable 300Supplies 220Prepaid Insurance 1,200Equipment 1,200Website 600Accounts Payable $ 650Unearned Service Revenue 60Notes Payable 2,000Common Stock 800Service Revenue 400Utilities Expense 50Total $ 3,910 $ 3,910*Note that debits equal credits.
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